ASK PAM: "I keep hearing that getting homes to appraise can be a real challenge in this market. With prices increasing, is this still a big issue?"

Answer:

Changing market conditions create real challenges for appraisers. The appraisal process is rooted in an analysis of past market performance (data on recent closed sales) and current market trends (not as easily quantifiable). As prices rise, it becomes difficult to find comparable sold properties that justify the higher prices. I attend the appraisals of all of my under contract listings and provide analysis of not only recent closed sales (most of which I have personally toured) but active listing competition as well, providing critical perspective to the appraiser. Over the past 5 years, I have a 99% success rate in achieving appraisals at or above the contract price.

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